BMI View: Our core view remains unchanged as the Bahraini telecommunications market continues to perform in line with our forecasts. The mobile market is saturated, with penetration rates hovering near the 200% mark. Mobile segment growth will be derived from high-speed advanced data services. Bahrain's mobile and wireline telecoms sectors continue to display healthy levels of competition and measurable benefits for telecoms customers. The ability to offer fixed and mobile services allows operators to offer bundled services. However, the growth of the broadband market will be primarily driven by dedicated mobile broadband, supported by investments in 3G/4G and LTE-Advanced infrastructure. We believe enterprise and value added services, coupled with the rise in connected devices, will also continue to be the growth drivers for telecoms spending, diversifying operator revenues.